EUR/GBP forecast for the week of August 22, 2016, Technical Analysis

The EUR/GBP pair went back and forth during the course of the week, forming a somewhat neutral candle. That being the case, it looks as if we could very well pullback a bit, but the reality is that there is plenty of support just below so I’m waiting to see whether or not we get some type of supportive action near the 0.85 level, and again at the 0.83 level. It makes sense of this market should continue to go higher, simply because people are punishing the British pound believe in the European Union.